(f) The Company has imported capital goods under "Export Promotion Capital Goods" scheme for which the company has an given export obligation of Rs. 15,76,54,650/- (Previous Year Rs. 42,00,26,154 /-)

(g) The Income tax assessments of the Company have been completed up to Assessment Year 2013-14.

i) The Income Tax Department, had raised a demand of Rs. 18,67,30,693/- for the Assessment Years 2007-08 to 2012-13. The Company had remitted Rs. 13,07,61,494/- against the said demand. The Company had appealed against these orders with the Commissioner of Income tax (Appeals) and obtained partial relief reducing the demand to Rs. 4,54,00,026/- vide orders dated 27/11/2015 and 09/03/2016. The Income Tax Department and the Company are in appeal before the Income Tax Appellate Tribunal, Ahmedabad. Further, the Company has already received refund amounting to Rs. 7,98,63,520/- on 24/05/2016.

The Income Tax Department had raised a demand of Rs. 88,99,000/- while completing the assessment for the Assessment Year 2013-14. The Company has filed an appeal before the Commissioner of Income Tax (Appeals) against the order. The demand has been adjusted by the department against the refund available for the earlier assessment years as stated above.

ii) The Income Tax Department is in appeal before the Hon'ble High Court of Ahmedabad on various grounds decided by the Income Tax Appellate Tribunal.

2. Estimated amount of Contracts remaining to be executed on capital account and not provided for (net of advances) Rs. 1,34,32,043/-(Previous year Rs. 1,35,47,265/-).

3. The Company had entered into an MOU dated February 3, 2011 with Damanganga Recycling Resources LLP (DRR) for availing the services of conversion of waste to energy. In terms of the MOU, the Company has paid Rs. 1,20,00,000/- as interest free deposit adjustable against the tipping bills. However, the said project has not materialized and the amount of Rs. 1,20,00,000/- paid by the Company as Deposit has been forfeited by DRR. Consequently, the Company has initiated legal proceedings. Pending the outcome of legal proceedings, the Company has not made any provision in the books of account.

The Company's business activity falls within a single primary business segment which is "Manufacture of Paper, Paper Boards and Newsprint" and sales being mainly in the domestic market, therefore disclosure requirements of AS-17 are not applicable.

6. Remuneration to the Chairman and Managing Director (CMD)

For the year 2013-14 the Central Government vide approval dated 17th June, 2015 has approved waiver of excess remuneration paid to the Chairman and Managing Director over the limits prescribed under Section 198 read with Schedule XIII of the Companies Act, 1956.

7. Previous year's figures have been regrouped wherever necessary to conform to this year's classification.

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